Posts Tagged: retained asset accounts
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Mar 23, 2012
No CommentsRetained Asset Accounts: Understanding the Compliance Risks
States are continuing to move forward with regulatory initiatives addressing insurers’ use of retained asset accounts as a settlement option as well inquiring into insurers’ claim practices when this option is used. On the regulatory side, the Alaska Division of Insurance adopted 3 AAC 26:850 through 3 AAC 26:865 effective December 7th setting forth that...
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Oct 26, 2011
1 CommentIsn’t Life Grand?
Well, perhaps the legislative and regulatory changes impacting life insurers this year are not “grand,” but they certainly are ones which require compliance. A few of the more recent changes, as well as a few with upcoming operative dates, bear mentioning. California’s SB 713, effective Jan. 1, 2012 enacts the Life Insurance Proceeds Disclosure Act...
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Mar 16, 2011
1 CommentRetained Asset Accounts – Initiatives Continue in 2011
The start of this year’s legislative sessions has certainly provided a forum for introduced bills addressing the use of retained asset accounts by insurers as a settlement option. Just as we saw last year, states are continuing to evaluate their current regulatory requirements applicable to this settlement option through either legislative or regulatory approaches, or...
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Jan 04, 2011
No CommentsLooking Ahead to 2011 – Market Conduct Continues
The ending of one year and the beginning of another, for many insurance professionals, means year end financials to be prepared and annual assessments to be made. And while many functional areas revolve around the calendar year, the market conduct exam process and adherence to regulatory requirements certainly represents a compliance continuum. With the start...
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Dec 15, 2010
1 CommentRetained Asset Accounts – Still in the News
Retained asset accounts have certainly managed to capture headlines during the latter half of this year, amidst a swirl of speculation and some misunderstanding on the part of various media outlets, consumers, and politicians. The insurance industry and regulators alike quickly responded to the various articles and the calls for investigations into this optional life...
